Joint venture partners Kennedy Wilson and AXA IM Alts have completed the $510m refinancing of maturing debt secured against five stabilised apartment assets in Dublin and Cork with Wells Fargo and Deutsche Bank.
The five-year facility was secured at competitive terms following a process run by Eastdil, which received strong interest from lenders.
Clancy Quay, Sandford Lodge, the Alliance and Grange East in Dublin, and the Elysian in Cork (pictured), provide 1,689 units in total. The assets are all fully leased with current occupancy running at 99.5%.
Mike Pegler, president of Kennedy Wilson Europe, said: “This refinancing process satisfied a large 2025 maturity for Kennedy Wilson and generated extremely strong market interest. We secured competitive terms from a diverse pool of over 30 potential lenders, including both local and international banks, insurers and debt funds. This is a testament to the quality of this portfolio as well as the underlying strength of the apartment market in Ireland, where we have invested since 2012.”
Nicola Free, head of commercial real estate EMEA at Wells Fargo, added: “Wells Fargo is delighted to complete this transaction and support Kennedy Wilson and AXA as they continue to provide high quality residential real estate in Dublin. It reflects the strength of our ongoing partnership with Kennedy Wilson and AXA, and our commitment to the commercial real estate sector.”
Alexander Krämer, head of commercial real estate Europe at Deutsche Bank, said: “We are very pleased to have successfully completed this important transaction, in continuation of our very strong relationship with Kennedy Wilson and AXA, and also as a reflection of our flexible financing capabilities across all commercial real estate asset classes.”
